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USD/JPY Analysis

A day of sharp reversals for the Japanese yen this morning after it opened at Y118.01 vs the dollar.

The NZD/USD trades at a similar level to yesterday morning, around 0.7860.

First attempt to resolve the head & shoulders bottom failed as the neckline break at 1.2578 was quickly rejected.

Prices cleared all of our proposed wave-3 targets as the Yen continues to extend higher.

We were looking for a pullback in Aussie to correct the initial 5-wave rally from .8540 to .88.

Markets are reacting to disappointing PMIs across Europe and in China, driving fears of a challenged global growth outlook.

Scheduled data flow from the Euro zone sets the Euro into a downward tilt on the charts early today,

Down trend channel resistance in the December Swiss is seen up at 1.0486 today and

From the charts it would appear that the Yen became temporarily oversold with

The Dollar is fighting its way back up on its charts in the wake of soft Euro zone business growth and

Vulnerable chart action overnight would seem to leave the C$ in a downward track today.

While the Pound saw some temporary support from marginally hawkish BOE developments,